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CTV News
12 minutes ago
- CTV News
Taste of the Danforth cancelled for second year in a row
For the second year in a row, there will be no food vendors, live music, entertainment or other attractions along Toronto's Greektown neighbourhood this weekend. The Taste of the Danforth, one of the most beloved festivals in the city, usually held during the second weekend of August, was quietly cancelled this year. Jim Tsafatinos, the owner of Kalyvia Restaurant, knew the festival wouldn't be held when they didn't get the permit back in April. 'Once you don't get the paperwork, you know something fishy is going on,' he told CTV News Toronto. 'The sad part is, everyone else had their festivals except us.' Last year, the east-end street festival was cancelled due to funding constraints. The GreekTown on the Danforth BIA said the festival needed a new title sponsor to push through, as the levy approved by its members would not be able to cover the cost. The BIA has not confirmed why there was no festival this year. Coun. Paula Fletcher, who represents the area, told CP24 the neighbourhood group felt it couldn't stage the popular event again this year. 'It's a huge festival, about a million people, and the organizer that had always done that festival wasn't available. So, this is, unfortunately, the only festival that hasn't made it out of COVID, but a lot of people miss it so much,' Fletcher said. BIA hopes to bring festival back next year She urged the BIA to explore how to bring it back and said the city is willing to help the group in whatever way possible. Speaking to CTV News Toronto, the chair of the Greektown BIA said the group is working to bring back the festival next year, although it may look different. He added that the planning is underway, as well as talks with the city. Fletcher said talks have not begun but her 'fingers are crossed.' '(They've) got to get it together, come up with a plan for 2026, and see what's possible. It is the only festival not to come out of COVID, and so everybody's rooting for the Taste of the Danforth. I'm sure you speak to many business owners and people along that stretch of the Danforth,' the councillor said. Tom Papadatos, who works at Christina's, said he wasn't aware of the event's cancellation this year, as there had been no communication. He believes the Taste of the Danforth, which was first held in 1993, should be brought back, as it is a staple in the neighbourhood. 'Find a solution,' Papadatos said. 'Deal with the problem. Bring all these people back, and boost the community and the economy. I think that would be reasonable.'
CTV News
42 minutes ago
- CTV News
Statistics show increase in U.S. travel from Ottawa airport
The vehicle drop-off area for U.S.-bound flights at the Ottawa International Airport on Aug. 9, 2025. Statistics show an increase in travellers going to the U.S. from the Ottawa airport in 2025. (Dylan Dyson/CTV News Ottawa) More travellers chose to fly to and from the United States out of the Ottawa airport compared to this time last year, breaking a wider trend of falling trips across the southern border. Data provided by the Ottawa Airport Authority shows there were 406,786 transborder passengers departing and arriving from the U.S. between January and June of this year. That's up from a total of 379,984 passenger trips during the first six months of last year, a seven per cent increase. There were 741,449 passengers leaving and arriving from the U.S. in all of 2024. So far this year, there were 2,389,041 trips through Ottawa, including 1,702,152 domestic passengers and 280,103 international travellers. The increase stands in contrast with declining numbers of Canadians heading south since U.S. President Donald Trump took office in January. Ottawa Airport Authority spokesperson Krista Kealey said it's unclear why the nation's capital has been bucking the trend as other Canadian airports report declines in transborder passenger volumes, but notes steadily strong numbers of travellers going to Florida and Washington D.C. 'Service to Florida – traditionally a strong market for the Ottawa-Gatineau region – has been scaled back, though it continues to perform well, possibly due to property owners continuing to travel. The sustained strength of the Washington routes may reflect ongoing trade and tariff-related activity,' Kealey said in a statement to CTV News Ottawa. Kealey says there appears to be a softening of leisure travel, pointing to Porter Airlines' decision to pause its service to Las Vegas for the summer. WestJet will also be halting its non-stop flights to Fort Myers, Florida this winter. 'As airlines begin loading their winter schedules, we're seeing some reductions in service to U.S. sun destinations,' Kealey said. 'However, we're encouraged by increased capacity to popular destinations in Mexico and the Caribbean, along with the introduction of new routes, including Costa Rica, Nassau, and Grand Cayman, that help meet our community's continued appetite for travel.' Travel consultant Elliot Finkelman says Porter Airlines' increasing footprint in the capital may be having an impact on U.S. travel numbers. 'Porter is doing a lot of direct in Ottawa now down to the states, so I think a lot of people are hopping on that. It's helping the Ottawa airport see increases in flights because they have a lot of direct flights down to Florida. They have a lot of direct flights to Newark,' he said. The latest figures from Statistics Canada released in June show that Canadian-resident return trips by air and automobile from the United States have fallen sharply since the start of the year, with five consecutive months of steep year over year declines. In June, Canadian residents returning from travel to the U.S. was down 22 per cent for trips by air and 33 per cent for trips by automobile from the same time in 2024.
Canada News.Net
an hour ago
- Canada News.Net
Crypto, private equity eyed for 401(k)s under new Trump directive
NEW YORK CITY, New York: Millions of Americans saving for retirement could one day see private equity and cryptocurrency added to their 401(k) investment options under an executive order signed by President Donald Trump, potentially giving these industries long-coveted access to trillions of dollars in retirement funds. The order directs the Labor Department and other agencies to redefine what qualifies as an approved asset under the Employee Retirement Income Security Act of 1974 (ERISA), which governs U.S. retirement plans. Currently, most 401(k) accounts are invested in stocks, bonds, cash, and a small share of heavily traded commodities like gold. Employers are legally required to act in the best interests of their employees when offering investment options. There will be no immediate changes. Federal agencies must first draft and finalize new regulations, likely a process of months or longer, before employers can expand available choices. Once implemented, retirement plans could include alternative assets such as private equity, cryptocurrencies, and real estate. The move is a win for the US$5 trillion private equity sector, which has long sought access to 401(k) accounts, and for cryptocurrency firms, many of which supported Trump's 2024 campaign and are seeking mainstream acceptance. Bitcoin rose two percent this week to $116,542, nearly doubling since Trump was elected. Under former President Joe Biden, regulators approached crypto investments in retirement accounts "with extreme care" due to volatility. Cryptocurrencies such as Bitcoin and Ethereum can swing 10 percent in a single day, compared with two percent to three percent for major stock indexes. "It was inevitable that bitcoin would make its way into American 401(k)s," said Cory Klippsten, CEO of Swan Bitcoin. "As fiduciaries realize bitcoin's risk-adjusted upside over the long term, we'll see growing allocations, especially from younger, tech-savvy workers." For private equity firms, 401(k) access would unlock a vast pool of new capital. Blackstone CEO Steve Schwarzman has described this as a "dream" for the industry since at least 2017. Private equity has historically returned about 13 percent annually since 1990, versus 10.6 percent for the S&P 500, but investments are illiquid, often tied up for years until underlying companies are sold. Bryan Corbett, president and CEO of the Managed Funds Association, said the industry looks forward to creating "a thoughtful framework" with the Trump administration to expand retirement options "with appropriate investor guardrails." Even after new rules are finalized, it could take years before private equity and crypto appear widely in retirement plans. Major firms like Fidelity, Vanguard, and T. Rowe Price would need to design compliant products, and employers may be slow to change plan menus. Vanguard said it has not committed to offering private assets in defined contribution plans but will continue to educate investors "to ensure a clear understanding of the opportunities and risks."
